Analysis by Region - Emerging Markets - Ghana

Analysis by Region - Emerging Markets - Ghana

Ghana's latest GDP print indicated that the economy expanded by 3.2% y/y in Q2 2023. The agricultural and services sectors drove this expansion, while the industrial sector remained in contractionary territory for a third successive quarter. Meanwhile, the growth figure for Q1 was revised downwards to 3.3% y/y from 4.2% y/y previously. On a cumulative basis, annual economic growth of 3.3% was recorded in H1 2023. The latest GDP print has prompted us to lower our real GDP growth forecast for 2023 to 3.0%, as fiscal prudence and sticky inflation will weigh on the economy in the second half of the year. That said, ongoing reforms are expected to yield results over the 2024-2025 period.